QBTZ vs. MSFD

Last updated Jun 23, 2026

QBTZ (Defiance Daily Target 2X Short QBTS ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds. QBTZ is actively managed, while MSFD is passively managed. At a 0.28 correlation, their price movements are largely independent. QBTZ charges 1.29%/yr vs 1.06%/yr for MSFD.

Performance

QBTZ vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short QBTS ETF (QBTZ) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QBTZ achieves a -86.49% return, which is significantly lower than MSFD's 28.14% return.

QBTZ

• 1D: 1.31%
• 1M: 10.26%
• YTD: -86.49%
• 6M: -80.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFD

• 1D: 3.18%
• 1M: 13.07%
• YTD: 28.14%
• 6M: 28.55%
• 1Y: 28.15%
• 3Y*: -2.53%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QBTZ vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025
QBTZ Defiance Daily Target 2X Short QBTS ETF	-86.49%	-47.53%
MSFD Direxion Daily MSFT Bear 1X Shares	28.14%	9.76%

Correlation

The correlation between QBTZ and MSFD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.28

Return for Risk

QBTZ vs. MSFD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QBTZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MSFD

MSFD Risk / Return Rank: 30
MSFD Sharpe Ratio Rank: 31
MSFD Sortino Ratio Rank: 33
MSFD Omega Ratio Rank: 33
MSFD Calmar Ratio Rank: 26
MSFD Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QBTZ vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short QBTS ETF (QBTZ) and Direxion Daily MSFT Bear 1X Shares (MSFD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QBTZ	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.08	—
Sortino ratio: Return per unit of downside risk	—	1.73	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.22	—
Martin ratio: Return relative to average drawdown	—	3.85	—

Drawdowns

QBTZ vs. MSFD - Drawdown Comparison

The maximum QBTZ drawdown since its inception was -96.03%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for QBTZ and MSFD.

Drawdown Indicators

	QBTZ	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-96.03%	-59.90%	-36.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-40.50%	—
Current Drawdown Current decline from peak	-95.30%	-42.20%	-53.10%
Average Drawdown Average peak-to-trough decline	-57.98%	-41.61%	-16.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.81%	—

Volatility

Volatility by Period

	QBTZ	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	234.75%	26.18%	+208.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	234.75%	26.23%	+208.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	234.75%	26.23%	+208.52%

QBTZ vs. MSFD - Expense Ratio Comparison

QBTZ has a 1.29% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

QBTZ vs. MSFD - Dividend Comparison

QBTZ has not paid dividends to shareholders, while MSFD's dividend yield for the trailing twelve months is around 2.44%.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.44%	3.33%	4.46%	4.43%	0.74%
QBTZ Defiance Daily Target 2X Short QBTS ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QBTZ and MSFD in my portfolio?

QBTZ and MSFD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QBTZ or MSFD?

On fees, MSFD is cheaper at 1.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QBTZ or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.29% for QBTZ.

Which ETF pays a higher dividend yield, QBTZ or MSFD?

MSFD has the higher dividend yield at 2.44%, compared with 0.00% for QBTZ.

What is the main difference between QBTZ and MSFD?

They also come from different issuers: Defiance ETFs and Direxion. Their fees differ too: 1.29% for QBTZ and 1.06% for MSFD.